Questions from Financial Accounting

Q: Describe the events that correspond to the following transactions. /

Describe the events that correspond to the following transactions.

Q: What does a T-account represent? What is the left

What does a T-account represent? What is the left side of the T-account called? What is the right side called?

Q: Describe what we mean by posting. Post the transactions in Question

Describe what we mean by posting. Post the transactions in Question 15 to appropriate T-accounts.

Q: What is a general ledger? How does it relate to the

What is a general ledger? How does it relate to the chart of accounts?

Q: What is a trial balance? To what does the term “

What is a trial balance? To what does the term “balance” refer?

Q: List the steps we use to measure external transactions.

List the steps we use to measure external transactions.

Q: If total debits equal total credits in the trial balance, does

If total debits equal total credits in the trial balance, does this indicate that all transactions have been properly accounted for? Explain.

Q: Each external transaction will have a dual effect on the accounting equation

Each external transaction will have a dual effect on the accounting equation. Explain what this means.

Q: Describe the impact of each of these external transactions on the accounting

Describe the impact of each of these external transactions on the accounting equation. a. Receive a loan from the bank. b. Pay employee salaries for the current period. c. Receive cash from customers...

Q: Jerry believes that “dual effect” indicates that, for all

Jerry believes that “dual effect” indicates that, for all transactions, one account will increase and one account will decrease. Is Jerry correct? Explain.